TRANSFERS OF PARTIAL INTERESTS IN PROPERTY FOR CONSERVATION PURPOSES.

SEC. 309. TRANSFERS OF PARTIAL INTERESTS IN PROPERTY FOR CONSERVATION PURPOSES. (a) In General.—Clause (iii) of section 170(f)(3)(B) (relating to exceptions from denial of deduction in case of certain contributions of partial interests in property) is amended to read as follows: “(iii) a lease on, option to purchase, or easement with respect to real property granted in perpetuity to an organization described in subsection (b)(1) (A) exclusively for conservation purposes, or”. (b) Effective Dates.— (1) The amendment made by subsection (a) shall apply with respect to contributions or transfers made after June 13, 1977, and before June 14, 1981. (2) Paragraph (4) of section 2124(e) of the Tax Reform Act of 1976 is amended by striking out “June 14, 1977” and inserting in lieu thereof “June 14, 1981”.